IDEAS home Printed from https://ideas.repec.org/a/bkr/journl/v85y2026i2p67-81.html

Modelling Determinants of the Price Gap Between the Primary and Secondary Housing Markets

Author

Listed:
  • Olga Klachkova

    (Lomonosov Moscow State University)

  • Anna Litvinova

    (Yandex.Technologies)

  • Ianina Roshchina

    (Lomonosov Moscow State University)

Abstract

The study explores factors responsible for the price gap between the primary and secondary housing markets in Russian regions. We draw on 2022-2025 data, panel data models and spatial fixed effects models to show that the magnitude of the gap depends, beyond macroeconomic conditions, on the structure of developer markets and financial inclusion, with a high concentration of developers widening the gap and competition between banks easing it. While the gap is heavily influenced by Family Mortgage loans, the 2024 rollback of universally available subsidised mortgages did not produce any significant effect. Our findings suggest that the institutional environment should be taken into account in formulating housing market policy.

Suggested Citation

  • Olga Klachkova & Anna Litvinova & Ianina Roshchina, 2026. "Modelling Determinants of the Price Gap Between the Primary and Secondary Housing Markets," Russian Journal of Money and Finance, Bank of Russia, vol. 85(2), pages 67-81, June.
    • Handle: RePEc:bkr:journl:v:85:y:2026:i:2:p:67-81
    as

    Download full text from publisher

    File URL: https://rjmf.econs.online/upload/documents/RJMF-85-2-Determinants-of-the-Price-Gap-Housing-Markets.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bkr:journl:v:85:y:2026:i:2:p:67-81. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Olga Kuvshinova (email available below). General contact details of provider: https://edirc.repec.org/data/cbrgvru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.